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<br />I <br /> <br />expense and difficulties involved in proving the actual loss suffered by OWNER if the Work is <br />not completed on time. Accordingly, instead of requiring any such proof, OWNER and <br />CONTRACTOR agree that as liquidated damages for delay (but not as a penalty) <br />CONTRACTOR shall pay OWNER One Thousand Five Hundred and 00/100 dollars <br />($1,500,00) for each day that expires after the time specified in paragraph 3.1 for each <br />Substantial Completion date until the Work is substantially complete. If CONTRACTOR shall <br />neglect, refuse or fail to complete the project by the project completion date within the time <br />specified in paragraph 3.1 for completion and readiness for final payment or any proper extension <br />thereof granted by OWNER, CONTRACTOR shall pay OWNER an additional One <br />Thousand and 00/100 dollars ($1,000.00) for each day that expires after the time specified in <br />Paragraph 3.1 for completion and readiness for final payment. <br /> <br />Article 4. CONTRACT PRICE. <br /> <br />OWNER shall pay CONTRACTOR for completion of the Work in accordance with the <br />Contract Documents an amount in current funds equal to the sum of the amounts determined <br />pursuant to Paragraphs 4.1 below: <br /> <br />4,1 FOR A LUMP SUM CONTRACT OF: <br /> <br />TOTAL BASE BID (Lump sum, Unit prices, and contingency items) <br /> <br />Three Million Six Hundred Thirty Five Thousand Eij!ht Hundred and Fifty Two Dollars <br />and Two Cents ($ 3,635,852.02) <br /> <br />As provided in Paragraph 11.03 of the General Conditions estimated quantItIes are not <br />guaranteed, and determinations of actual quantities and classification are to be made by <br />ENGINEER as provided in paragraph 9.08 of the General Conditions. Unit prices have been <br />computed as provided in paragraph 11.03,8 of the General Conditions. <br /> <br />Article 5. PAYMENT PROCEDURES. <br /> <br />CONTRACTOR shall submit Applications for Payment in accordance with Article 14 of the <br />General Conditions. Applications for Payment will be processed by ENGINEER as provided in <br />the General Conditions, <br /> <br />5.1. Progress Payments; Retainage. OWNER shall make progress payments on account of <br />the contract Price on the basis of CONTRACTOR's Applications for Payment as recommended <br />by ENGINEER, on or about the last day of each month during construction as provided in <br />paragraphs 5.1.1. and 5.1.2. below. All such payments will be measured by the schedule of <br />values established in Paragraph 2.07 of the General Conditions (and in the case of Unit Price <br />Work based on the number of units completed) or, in the event there is no schedule of values, as <br />provided in the General Requirements. <br /> <br />5.1.1. Prior to Substantial Completion, progress payments will be made in an amount equal <br />to the percentage indicated below, but, in each case, less the aggregate of payments <br />previously made and less such amounts as ENGINEER shall determine, or OWNER may <br />withhold, in accordance with Paragraph 14.02 of the General Conditions. <br /> <br />Southeastern Engineering Contractors, Inc. <br /> <br />-2- <br />